European session, date: 07/10/2024
Introduction and overview
Gold, known as a safe haven, witnessed a return to the uptrend after declining following the testimony of Jerome Powell, Chairman of the Federal Reserve, which had a positive impact on the US dollar. This effect led to gold falling sharply from $2,387 per ounce to $2,350 per ounce, which meant a decline of 27 points in a very short time. However, gold quickly regained its strength during the Asian session and started to rise again, now trading at $2,372 per ounce.
Technical data indicates that the price of gold is trading above most of the moving average intersections, which reflects the strength of the upward trend. In addition, the MACD indicator is showing strength in the uptrend, which reinforces the positive outlook for the continued rise in gold prices.
Trading strategies based on Buy/Sell levels
| XAUUSD | In case of buying | in case of selling |
| Entry point | 2375 | 2369 |
| Target Point 1 (TP1) | First resistance: 2380 | First support: 2364 |
| Target Point 2 (TP2) | Second resistance: 2385 | Second support: 2360 |
| Stop Loss (SL) | 2369 | 2375 |
Conclusion
In conclusion, it seems that gold has recovered after the sharp decline resulting from Jerome Powell’s testimony. With the price trading above the crossings of the moving averages and strength signals in the MACD indicator, expectations indicate a continuation of the uptrend. Gold remains a safe haven for investors, and it is necessary to follow economic developments and other technical indicators to determine the optimal entry and exit points in this volatile market.
